The OECD: Globalization has not Served the Interests of All

"The Job that lasts forever has vanished". With these words, Raymond Torres, described globalization and its negative aspects in his report which he prepared for the organization of economic co-operation and devlopment (OECD).
He pointed out that it was supposed that globalization would serve the interests of all, but as years pass people have gained less and less of the wealth that were the outcome of the economic growth and integration.
The decline of wages as a percentage out of the GDP has become one of the phenomena witnessed by most countries.
The report, prepared by the organization which comprises 30 member countries most of which are the rich industrialized countries, further said that wages have declined in Japan by 20% of the GDP through out 30 years, whereas it declined by 13% in the richest 15 countries in the European Union, and by 7% in the US.
The report concludes by saying that "some jobs have no future anymore, therefore, what is important now is to protect people and not jobs".
So after all, are we going to hear once again someone who advocates for globalization?.
Unfortunately, I think yes, we will. [See the Report.]

The Market Value of Arab Money Markets Decreases by $888 bn in 2006

Arab Monetary Fund said that the market value of the Arab money markets has witnessed a decline in 2006, with a percentage of 31.2%, reaching $888.1 bn, compared to 2005. In its seasonal bulletin dedicated for the last quarter of last year, and specialized in the performance of the 15 Arab money markets, the Arab Monetary Fund said that the index of the fund, which measures the performance of the Arab money markets, has declined by 42.5%, reaching 237.7 points by the end of 2006 compared to 413.3 points by the end of 2005.

Three Agreements between the World Bank and the Lebanese Government

Three agreements are expected to be signed next Friday between the World Bank and the Lebanese government. The first agreement will be in the form of a developmental loan for supporting executing reforms in energy sector with a total value of $100 m, in addition to reforms in the social sector, investment environment, and the management of general financing.
The second agreement estimated by $1 m will be in the form of technical assistance dedicated for executing reforms in the social sector, and the third one will be in the form of a donation for the institute of finance at the Ministry of Finance with a total value of $338.000.

Jordanian "Hikma Pharmaceuticals" Achieves Unexpected Operation Profits

The Jordanian "Hikma Pharmaceuticals", registered at London stock market, said that the profits of operation during the first half of this year have exceeded expectations of the market in realizing a big growth rate of revenues during the second half of the year.
The profits of operation have jumped by 22.7% reaching $51.8 m, whereas the net profit of the company have increased by 18.4% reaching $35.6 m.

"Interhome" Company is being granted a License in Syria

A joint-stock corporation by the name of "Interhome" is expected to be granted a license in Syria with the aim of building touristic facilities, resorts, restaurants, cafes, in addition to other touristic facilities with a total capital estimated by 750 million Syrian pounds.

The Saudi Money Market Increases by 29 Points

Al-Riyadh money market, the biggest Arab money market, has closed with an increase estimated by 29.85 points, representing a percentage of 0.37% of its value, and settling by the end of the session on the level 8.17.54 points. The total value of the dealings have reached 200 million and 230.000 shares, whereas the value of the invested money in the deals reached 10 billion and 326 million Saudi riyal.

The Algerian "Cévital" Complex Holds Talks With Foreign Partners for Executing Big Projects

The complex of foodstuff industries in Algeria "Cévital" holds talks with foreign partners with the aim of executing its big investment projects which are estimated by $20 bn.
The General Director of the Complex, Issad Rebrab, said on Wednesday that among these projects is a huge project for building a seaport at Ra’as Janat in Boumerdès governorate north of the capital and industrial complex near this facility.

Britain Expresses its Support for Turkey’s Joining the European Union

The British Foreign Secretary David Milband, asserted during his visit to the Turkish capital Ankara the support of the British government for the joining of Turkey to the European Union.
Milband, who described his meetings of the Turkish officials as fruitful and intensive, urged Turkey to take more active role in the region, pointing out that Turkey, which has long borders with many countries to the east of the Mediterranean, can help Europe in energy and security fields, and can play a big role in restoring stability in Iraq.

$59.000, the Cost of New Job Opportunity in Iran

Mr. Mohmmad Jahrami, Minister of Labour and Social Affairs in Iran, said that the average cost for finding a new job opportunity in Iran is $59.000. Jahrami added that according to figures issued by the center of statistics in Iran, unemployment in his country has decreased by 5% during the first five months of this year compared to the same period of last year.

Small Indexes

- The total value of finances granted by the World Bank for Countries in the Middle East and North of Africa has reached during the fiscal year 200-2007, which ended on the 30th of last June, $2.6 bn.
- The volume of the new Russian investments in Indonesia might reach $7-8 bn in case success was achieved in the first phase of cooperation between companies in both countries.
- A report issued by the Group of the World Bank said that the group has allocated $2.6 bn for countries of the Middle East and North Africa during the first half of last year till the first half of this year, adding that this money were pin the form of donations and loans to the governments of these countries.

Companies Indexes

- Dubai money market said that the shares of "Diyar" company for development have been registered at Dubai money market, thus raising the number of the registered companies in Dubai money market to 53 companies.
- TV network NBC said that it will sell the new episode of the series it produces through a service of "Inbox" offered by "Amazon" website, one of the biggest marketing network on the internet.
- "Apple" company launched last Wednesday a new version of its digital machine "I-Tunes", and decreased prices of "I-Phone". Moreover, it started in marketing a new machine from "I-Pod" which is characterized by its unique screen and with the technology of "WI-FI".

Bids & Contracts

- A delegation from the international "Sesko" company is expected to sign a memorandum of understanding with UNRWA with the aim of cooperation in the field of education and learning.
- Banking sources said that the Kuwaiti mobile telecommunications company "MTC" signed an agreement for granting two Islamic loans with a total value of $7.39 bn in a process managed by BNP Paribas, Calyon, Citigroup and Samba


- Chairman of the Union of the Syrian Chambers of Trade, Dr. Rateb Salah opened yesterday the Sixth Syrian-European Meeting between to be held between 8-10 of September. The meeting is organized by the Union in cooperation with the Syrian Center for Business and Institutions and a wide participation of the European and Syrian companies.
- “Games Convention for Asia (GCA)" for the companies of developing and distributing video and computer games have started its activities in Singapore with the participation of more than 80 companies from 13 countries.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.